🔴 SPY is trading 0.5% down today on tech valuation concerns and persistent inflation fears

SPY is trading 0.5% down today as tech-led selling and valuation concerns weigh on the index following recent record highs.

• Hotter-than-expected PCE inflation data has kept Fed policy fears elevated, dampening investor sentiment.
• Markets are seeing a continued rotation out of high-growth AI and megacap tech stocks as investors lock in profits.
• Pre-market indications suggest further pressure on the tech-heavy structure of the S&P 500 following several sessions of weakness.